Orange County-based The Beacon Group, Inc., sold a single-tenant net-leased coastal property in Redondo Beach, CA, occupied by Petco, to an undisclosed private Los Angeles company for $7.6-million. The sale represents a cap rate of 4.5%, a record low for a single-tenant Petco in LA County.

Built in 1981, the 17,160-square-foot building sits on a 1.07-acre parcel at 537 N. Pacific Coast Highway in King Harbor Plaza, and is shadow anchored by Smart & Final. Petco has occupied the building for 22 years, and recently signed a 10-year lease extension.